Survival Mechanisms in Real Estate amid Covid-19
Covid-19 has really affected many businesses worldwide. Real Estate has been hit by Covid in a devastating manner. The Covid-19 shockwaves brought businesses to a standstill. Real estate sales and exhibitions were canceled. The “new normal” calls for businesses and real estate entrepreneurs to be innovative.
Victor Kiplagat
The need for real estate property and housing is on an increase even though Covid has ravaged the economy. The future of Real Estate amid Covid-19 must look into the following measures:
Online house sales:
House sales, exhibition and marketing will be done on the online platforms. Due to strict health guidelines, physical contact will be limited greatly. Quality photos, websites and real estate Facebook pages will in a great deal attract online clients. The applications to communicate with clients include Zoom, Google Meet, WhatsApp just to mention but a few.
Insurance Policy:
Property owners should have an insurance policy to prevent the Covid-19 economic shockwaves. Investment real estate wise calls for insurance as the safety net towards your finances. Insurance attracts customers hence building rapport and long-term friendship with them. Real estate agencies know very well which insurance company collaborates well with property owners. Having insurance in property and real estate means you are likely not to have low returns no matter how the pandemic affects the economy.
Study the Market:
Tough times in businesses call for a cautious approach in investment. The market value fluctuates a lot especially due to lockdown and economic recession. All “real estate eggs” are not thrown in one basket. The importance of studying the market is ensuring you meet customers' needs during a pandemic. Some want renovation, property sale, home staging, exhibition and property leasing. Knowing the market allows you to offer realistic real estate value to your esteemed real estate clients.
Covid-19 Health Guidelines
Safety of client’s health is of utmost priority. Property can be sought after but lives cannot be replaced. In your real estate venture, observe all health guidelines so that your client’s health is not at risk. These include social distance, washing your hands, staying indoors, wearing your masks and vaccination.
Finally, any real estate venture must have a business plan that incorporates reinvention if and when things are “normal”. Real Estate ventures should always seek to answer the housing needs of the 21st century in a clear, fast and customer-friendly way. Amid the Covid-19 pandemic, the policy should be “client first, property second”.
